Nation: Tax Reform Proposals Hurt MID

Evan Liddard, a NAR tax policy analyst, says we should be wary of recent tax reform proposals that claim to protect the mortgage interest deduction (MID). Liddard spoke to government affairs directors in Washington, DC last week. Liddard said by increasing the standard deduction both the Camp and Wyden plans introduced in recent years would marginalize the MID. He also said these plans would provide more tax benefits to renters. The bottom line – the next time tax reform is proposed, be cynical of claims purporting to keep the MID if other components of the plan have the potential to render the MID meaningless.